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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's fiscal policy is 'increasingly more important,' economist saysWei Yao, head of research and chief economist for Asia-Pacific at Société Générale, discusses the People's Bank of China's decision to cut the country's benchmark five-year loan prime rate for the first time since June, and the limitations the central bank faces in stimulating the economy.
Persons: Wei Yao, Générale Organizations: People's Bank Locations: Asia
Photo taken on January 21, 2024 shows a real estate project under construction in Huai 'an city, Jiangsu province, China. CFOTO | Future Publishing | Getty ImagesPolicymakers are doing little to soothe concerns surrounding China's ailing economy, Brian McCarthy, chief strategist at Macrolens told CNBC's "Street Signs Asia" on Wednesday. The latest monetary policy announcement from the People's Bank of China (PBOC) saw the central bank cut the benchmark 5-year loan prime rate by 25 basis points earlier this week. Many observers saw the move as an effort to boost the country's struggling property market, as the majority of mortgages are pegged to this rate. The 5-year loan prime rate cut was a more "aggressive" move within these decisions, he added.
Persons: Huai, Brian McCarthy, Macrolens, CNBC's, Wei Yao, Générale, stabler, McCarthy Organizations: Getty, People's Bank of China, CSI Locations: Jiangsu province, China, Asia
Everything was getting bigger — its cultural influence, geopolitical ambition, population — and seemed poised to continue until the world was remade in China's image. But now China's economy is withering, and the future Beijing imagined is being cut down to size along with it. What Beijing does — or fails to do — to fight this malaise will determine the course of humanity for decades to come. China's deflation worries started in earnest in the summer. Years of overbuilding — by about double the population, according to some estimates — and slowing population growth caused prices to collapse .
Persons: Minxin Pei, there's, Charlene Chu, Autonomous Research Charlene Chu, Chu, Wei Yao, Générale, I'm, Ben Bernanke, Bernanke, Xi Jinping, Xie Huanchi, Société Générale's Yao, Yao, It's, , aren't, Logan Wright, Wright, Xi doesn't, Jinping, it's, Xi, Claremont's Pei, magnanimity Organizations: Claremont McKenna College, Autonomous Research, Federal Reserve, Getty Images Japan, Chinese Communist Party, Xi, CCP Locations: China, Beijing, dauphin, Xinhua, Japan, Xi's China, East Asia, Taiwan, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is on a 'very treacherous' path of stabilization, economist saysWei Yao, Societe Generale chief economist and head of research, says China's economy still faces "immense" downward pressure from the housing sector and debt problems.
Persons: Wei Yao Organizations: Societe Generale
Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.
Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSlowing China services data increases need for government to cushion housing market, economist saysWei Yao, head of research and chief economist for APAC at Societe Generale, discusses China's services data and why the broader picture isn't as bleak as it may seem.
Persons: Wei Yao Organizations: APAC, Societe Generale Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's medium-term lending rate cut is 'just a starting point,' economist saysWei Yao of Societe Generale discusses China's lowering of the medium-term lending facility rate by 10 basis points.
Persons: Wei Yao Organizations: Societe Generale
The bubble in China's property market finally popped. In April, China's economic data came in weak largely across the board. The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant. Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%). Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.
Persons: lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, , Kearney, Linette Lopez Organizations: Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's Locations: China, globalism, Beijing, York, Asia
The 'China picture' looks concerning, economist says
  + stars: | 2023-06-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe 'China picture' looks concerning, economist saysWei Yao, China economist at Societe Generale, says the country's housing and debt problems are big factors.
Persons: Wei Yao Organizations: Societe Generale Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia's central banks don't have a lot more interest rate hikes to implement, economist saysWei Yao of Societe Generale, however, says India and Indonesia are likely to follow the U.S. Federal Reserve's hiking pace "a bit more than initially expected."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrowth target and fiscal support are among the key issues for China's economy, says economistWei Yao, head of research and chief economist of APAC at Société Générale CIB, discusses the economic problems that will be addressed during China's forthcoming National People's Congress.
Meet the 4 men tipped to run China’s economy
  + stars: | 2023-03-01 | by ( Laura He | ) edition.cnn.com   time to read: +8 min
Hong Kong CNN —The team of Communist Party officials running China’s economy is about to get a major makeover. They include the four men tipped to manage the world’s second biggest economy: Li Qiang as premier, Ding Xuexiang as executive vice premier, He Lifeng as vice premier and Zhu Hexin as the new central bank chief. That puts the 63-year-old in line to succeed Premier Li Keqiang when he steps down during the upcoming congress. Li would be the first premier since the Mao era not to have previously worked at the State Council, China’s cabinet, as vice premier, analysts say. Stringer/ICHPL Imaginechina/AP/FileThe 68-year-old would succeed Vice Premier Liu He, who led China’s negotiations with the United States during trade talks in 2018 and 2019.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina will probably return to 'lower trend growth' after 2023, economist saysWei Yao of Societe Generale says it's unlikely that housing demand in China will return to pre-pandemic levels.
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